Today's number is... 10

The ACWI vs US Industry Group Trend Spread just hit a 10-year high in favor of global markets.

Here’s the chart:

The Takeaway: Global markets haven't looked this strong relative to the US in a long time.

Actually, this is the highest level we have seen in 10 years.

Here’s how I measure trend strength using my custom trend scoring system.

I score every ticker on a scale of 0 to 4:

• The 10-week moving average is rising
• The 40-week moving average is rising
• The 10-week MA is above the 40-week MA
• Price is above the 10-week MA

Each check gets a point. 

Four out of four = strong uptrend.

I apply this to 42 countries from the ACWI and 72 US industry groups — 24 each from the S&P 500, 400, and 600.

Once I’ve scored everything, I take the average trend score for both groups and calculate the spread. Then I smooth it with a 10-week moving average.

So why does this matter?

The spread just hit a 10-year high. 

It's not a fluke. 

...

Today's number is... 10

The NYSE FANG+ Index, made up of 10 large-cap growth stocks, just closed at new all-time highs.

Here’s the chart:

Let's break down what the chart shows:

• The black line shows the price of the NYSE FANG+ Index.
• The red line is the 200-day moving average of the index.
• The blue line is the 50-day moving average of the index.

The Takeaway: The NYSE FANG+ Index tracks some of the biggest and most important tech names in the market. 

Think Microsoft, Apple, Amazon, and NVIDIA. 

These are the companies that tend to lead when the market is strong.

Since bottoming in November 2022 during the cost-of-living crisis, this index has been marching higher in a polite, stair-stepping fashion.

Breakout, pause, repeat.

Now they’ve broken out again — this time to record highs.

That’s not all.

The 50-day moving average just crossed above the 200-day moving average. That’s a golden cross. It’s a bullish signal. It tells us the trend is...

Today's number is... 120

It took 120 trading days for the Dow Jones US Software Index to claw its way back and close at a fresh all-time high.

Here’s the chart:

Let's break down what the chart shows:

The black line shows the price of the Dow Jones US Software Index.

The Takeaway: The Dow Jones U.S. Software Index just closed at a fresh all-time high.

Software stocks have been stuck for months. For nearly half a year, the index chopped sideways after falling more than 23% from its December 2024 peak.

After 120 trading days of going nowhere, the index has returned to where it left off, and now it looks ready for the next move higher.

When software stocks lead, it tells us investors are taking on more risk. They’re putting money to work in growth and innovation again. 

This doesn’t happen in weak markets.

And this isn’t being driven by small speculative names.

Microsoft, the second-largest stock in the S&P 500 with a $3.4 trillion market cap, is less than 1% away from all-time highs.

Intuit, worth $213...